Revised Laws of Saint Lucia (2021)

PART 14
MISCELLANEOUS PROVISIONS

178.   Secrecy of information

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    (1)   No person who has acquired knowledge in his capacity as director, officer, secretary, employee or agent of any licensed financial institution or as its auditor, receiver, official administrator or official liquidator shall disclose to any person or governmental authority the identity, assets, liabilities, transactions or other information in respect of a depositor or customer of a licensed financial institution except —

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      (a)     with the written authorisation of the depositor or customer or of his or her heirs or legal personal representatives; or

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      (b)     when required in conformity with the provisions of this Act; or

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      ©     when lawfully required to make disclosure by any court of competent jurisdiction within Saint Lucia; or

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      (d)     under the provisions of any law of Saint Lucia or agreement among the Participating Governments.

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    (2)   Except that nothing shall prevent —

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      (a)     a licensed financial institution or any individual referred to above, from providing to a person, upon a legitimate business request, a general credit rating, a summary of which will be provided to the depositor or customer upon request; or

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      (b)     a licensed financial institution for which a receiver or official administrator has been appointed, or any individual referred to above with respect to that licensed financial institution, from providing access to confidential information of the licensed financial institution that is necessary to conduct due diligence in connection with a potential acquisition of part or all of the assets and liabilities for the licensed financial institution, whether through direct transfer or through a merger or similar corporate transaction.